IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/mr-d-i-y-group" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR D.I.Y. Group (MRDIY MK)</a> is the largest home improvement retailer in Malaysia, with a revenue market share of 29.1% in 2019, according to Frost &amp; Sullivan. Mr DIY has launched the roadshow for its long-awaited IPO to raise RM1.5 billion ($360 million). The institutional bookbuilding will run from 6 to 14 October. Pricing is set for 14 October with listing targeted for 26 October.   <div class="content-highlight">In <a href="https://www.smartkarma.com/insights/mr-d-i-y-group-ipo-initiation-bare-necessities" target="_blank" rel="noopener">our initiation note</a>, we stated that with enviable exposure to the underpenetrated home improvement retail sector in Malaysia, Mr DIY seems to have a reasonable runway to maintain its high growth, high returns equity story. Mr DIY's latest prospectus details its 2019 and 1H20 results. Overall, with a commendable performance during the COVID-19 outbreak, we continue to believe that Mr DIY’s fundamentals offer more positives than negatives.</div>

MR D.I.Y. Group (MRDIY MK) is the largest home improvement retailer in Malaysia, with a revenue market share of 29.1% in 2019, according to Frost &amp; Sullivan. Mr DIY has launched the roadshow for its long-awaited IPO to raise RM1.5 billion ($360 million). The institutional bookbuilding will run from 6 to 14 October. Pricing is set for 14 October with listing targeted for 26 October.   In our initiation note, we stated that with enviable exposure to the underpenetrated home improvement retail sector in Malaysia, Mr DIY seems to have a reasonable runway to maintain its high growth, high returns equity story. Mr DIY's latest prospectus details its 2019 and 1H20 results. Overall, with a commendable performance during the COVID-19 outbreak, we continue to believe that Mr DIY’s fundamentals offer more positives than negatives.

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Cat food grew by 8% in current value terms to reach MYR442 million and by 6% in volume to 30,494 tonnes in 2017.</li><li>Continuous new launches accelerated growth and pet owners trade down to affordable brands in 2017.</li><li>Economy dry cat food recorded the highest value growth of 10% in 2017.</li><li>Average unit price increased in 2017.</li><li>Perfect Companion (M) Sdn Bhd led in 2017 with a 22% value share.</li><li>Cat food to record a value CAGR of 6% at constant 2018 prices over the forecast period, reaching MYR641 million in 2023.</li></ul>

Cat food grew by 8% in current value terms to reach MYR442 million and by 6% in volume to 30,494 tonnes in 2017.Continuous new launches accelerated growth and pet owners trade down to affordable brands in 2017.Economy dry cat food recorded the highest value growth of 10% in 2017.Average unit price increased in 2017.Perfect Companion (M) Sdn Bhd led in 2017 with a 22% value share.Cat food to record a value CAGR of 6% at constant 2018 prices over the forecast period, reaching MYR641 million in 2023.

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:  1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

 The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:   1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

Ed or Tech, Edtech Firms Must Cross These Moats

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

In the week's ASEAN weekly, we feature an interview with Patrick Cao, the new CFO ofTokopedia. It is an on-line C2C marketplace and one of Indonesia's most successful e-commerce players, with around 30m active SKUs and 10m monthly users. In this week's insights, our own <a href="https://www.smartkarma.com/profiles/9" target="_blank" data-smartkarma-citation="accounts:9">Ke Yan, CFA, FRM</a> looks at <a href="https://www.smartkarma.com/entities/1087" target="_blank" data-smartkarma-citation="entities:1087:1">Sembcorp Industries Ltd (SCI SP)</a> and sees the stub as being overvalued. <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> reveals his <a href="https://www.smartkarma.com/insights/five-big-ideas-for-the-next-five-years" target="_blank" data-smartkarma-citation="insights:8457">Five Big Ideas for the Next Five Years</a> and he also looks at the beneficiaries from…

In the week's ASEAN weekly, we feature an interview with Patrick Cao, the new CFO ofTokopedia. It is an on-line C2C marketplace and one of Indonesia's most successful e-commerce players, with around 30m active SKUs and 10m monthly users. In this week's insights, our own Ke Yan, CFA, FRM looks at Sembcorp Industries Ltd (SCI SP) and sees the stub as being overvalued. Athaporn Arayasantiparb, CFA reveals his Five Big Ideas for the Next Five Years and he also looks at the beneficiaries from…

The Week that Was in ASEAN@Smartkarma - Big Ideas, Schools and Department Stores

In this piece, we continue part 2 of the article written by <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> as part of our collaboration piece: #Then &amp; Now: Online Grocery delivery in the US &amp; SEA. Here, we examine the size of Southeast Asia's supermarket and online grocery delivery landscape, the startups in the space, and what the incumbents are doing amidst increasing competition. We attempt to answer the following questions:1. What has changed for grocery startups?2. How big is the online grocery market size in Southeast Asia?3. Which are the startups focused on the grocery space?4. What are the incumbents' responses?5. Who are the likely winners of tomorrow?

In this piece, we continue part 2 of the article written by Daniel Hellberg as part of our collaboration piece: #Then &amp; Now: Online Grocery delivery in the US &amp; SEA. Here, we examine the size of Southeast Asia's supermarket and online grocery delivery landscape, the startups in the space, and what the incumbents are doing amidst increasing competition. We attempt to answer the following questions:1. What has changed for grocery startups?2. How big is the online grocery market size in Southeast Asia?3. Which are the startups focused on the grocery space?4. What are the incumbents' responses?5. Who are the likely winners of tomorrow? 

Then & Now: Online Grocery Delivery in the US & SE Asia (Part 2 of 2)

Malaysia

Aeon Company (M) Berhad operates a chain of superstores selling a broad  range of goods including clothing, food, household goods, and other merchandise. The Company also operates shopping centers.

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Aeon Co (M) Bhd (AEON MK)

Mr D.I.Y. Group IPO: Make Your Own

$mr dMr DIY is the largest home improvement retailer in Malaysia, with a revenue market share of 29.1% in 2019, according to Frost & Sullivan....

Arun George

Sector Capsule: Cat Food in Malaysia

Cat food grew by 8% in current value terms to reach MYR442 million and by 6% in volume to 30,494 tonnes in 2017. Continuous new launches...

Euromonitor International Ltd.

Ed or Tech, Edtech Firms Must Cross These Moats

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies...

Valerie Law, CFA

The Week that Was in ASEAN@Smartkarma - Big Ideas, Schools and Department Stores

In the week's ASEAN weekly, we feature an interview with Patrick Cao, the new CFO ofTokopedia. It is an on-line C2C marketplace and one of...

Angus Mackintosh

Then & Now: Online Grocery Delivery in the US & SE Asia (Part 2 of 2)

In this piece, we continue part 2 of the article written by Daniel Hellberg as part of our collaboration piece: #Then & Now: Online Grocery...

Valerie Law, CFA

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